By Jack J. Kelly
Two days ago, we wrote “The New York Attorney General is Questioning 13 Crypto and Bitcoin Exchanges. Could this be the Beginning of Something Big?” and today we offer “Some cryptocurrency CEO genius bragged that he ran off with $50 million” — but after a journalist tracked him down in Egypt, he said it was just a joke.
Maybe the New York Attorney General, Eric Schniederman, is onto something. It would be pretty entertaining if his investigations show that the crypto exchanges are all in Compliance and fine and dandy, but the people who run them are Bitcoin-rich, goofy, man-children driving their Lamborghinis and having the time of their lives.
The folks at one bank are not having as much fun as the rich kids of Crypto and may start driving Kia minivans. There are some small problems at Wells Fargo. I’m not sure if you are aware, since there has been so little press about them and Senator Elizabeth Warren has not said a word (yes, I’m being sarcastic). Today, it was announced that two federal regulators are fining Wells Fargo $1 billion for forcing customers into car insurance and charging mortgage borrowers unfair fees. The penalty was announced Friday by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.
It is the harshest action taken by the Trump administration against a Wall Street bank. Wells Fargo (WFC) apologized last year for charging as many as 570,000 clients for car insurance they didn’t need. I feel bad writing about Wells Fargo’s travails, as they have an office right next door to ours and all the people there are super nice and friendly. I’m not sure if they read my newsletter, but I’ll find out quickly if I get some dirty looks in the hallway. Don’t tell them, but I’m secretly somewhat happy about the massive fine. As an Executive Recruiter specializing in placing Compliance, Legal, Risk, Audit and Regulatory personnel, the big headline-grabbing fines are good for business, as companies are forced and shamed into hiring more of these professionals.
Wells Fargo and the nation’s other Wall Street banks are happy for a different reason. The banks posted record profits in the first quarter thanks to President Donald Trump’s new tax cuts. Higher interest rates allowed banks to earn more from lending in the first quarter, but the real boost to banks came from the billions of dollars they saved in taxes under the tax law Trump signed in December. The top six US banks saved about $3.59 billion last quarter.
In a scary sign that the stock market is nearing a top, we offer you ” Fake it till you make it: meet the wolves of Instagram.” According to the Guardian, a chubby, 21-year-old, Jordan Belfort (yes, The Wolves of Wall Street guy) wannabe named Elijah Oyefeso, from a poor London area, began bragging on social media how much money he was making as a stock-market whiz kid. Oyefeso showed his social media followers how easy it was to make money trading stocks. The videos on his almost comedic YouTube channel, which have hundreds of thousands of views, feature him buying £250,000 cars and boarding private jets. His Instagram, which regularly shows him posing next to a blue and silver Rolls-Royce, describes him as the founder of DCT, his trading firm. DCT stands for “Dreams Come True.” I’m sure you know the rest of the story. His claims are being questioned.
It’s no secret that life can be easier for beautiful people. Studies have shown being good-looking has benefits for your health, intelligence, and helps with making friends.
Being physically attractive can also literally pay off, as many people believe it can mean you make more money. In short, beautiful people are more confident, have more social skills, and are seen as more able by employers, which translates to higher wages.
However, a recent study, published in the Journal of Business and Psychology, has found there is a caveat to this “beauty premium.” Very unattractive people earn significantly more money, according to a new study. So good news for me!
Have a great weekend!